The first print left the funding question open. The 10-Q cash-flow statement is the chapter: $100,291 million of financing

Figures below trace to SpaceX's Form 10-Q for the period ended June 30, 2026, filed August 4, 2026 (accession 0001628280-26-052535). The xAI conversion ratio is from the Form 424B4 filed June 12, 2026 (accession 0001628280-26-042639). Aether has no SPCX 13F holder table — holdings coverage through March 31, 2026; ticker SPCX is not_found. Research, not investment advice.

The first public print can look like the AI segment turned. Without the cash-flow statement, you do not know how that quarter was funded.

If you have been reading the SpaceX ($SPCX) thread — the people who grade the next filing, not the launch clip — that is the question this page answers. The August 3 preview set the S-1 as the scoreboard for a maiden public quarter. The August 6 first-print post asked whether the AI segment had turned, and left the funding question open. This is not a fresh SpaceX explainer, and it is not a launch recap. If you want either, this is the wrong page.

The August 4 10-Q is already on file. The cash-flow statement is the chapter. It shows the capital machine that funded the half: the IPO, the SpaceX Notes, and the dash where preferred used to be.

The financing line is the document

Six months ended June 30, 2026. Net cash provided by financing activities: $100,291 million versus $9,199 million. That is the line. Operating cash is real and much smaller: $3,466 million versus $351 million, an increase of $3,115 million. MD&A Item 2 walks the operating increase through deferred revenue of +$1,489 million from Space and Connectivity upfront payments, accounts receivable of +$1,533 million, and accounts payable of −$397 million. Net cash used in investing activities: $(34,487) million versus $(6,032) million, an increase of $28,455 million.

Cash and restricted cash rose $69,228 million, to $94,352 million at period-end from $25,124 million at the start. The year-ago half closed at $15,094 million (began $11,501 million). MD&A — not the cash-flow statement — reports cash and cash equivalents of $93,522 million and short-term marketable securities of $6,487 million as of June 30, 2026. The CFS ending balance of $94,352 million includes restricted cash. MD&A also reports $5,000 million available under the credit facility.

MD&A walks the financing increase of $91,092 million as primarily the IPO ($85,675 million) and SpaceX Notes and other financing ($40,869 million), offset by repayment of $33,406 million on the SpaceX Bridge Loan and a $3,906 million increase in repurchases. The statement of cash flows itemizes the same half as: proceeds from the IPO, net, $85,675 million; proceeds from debt and other financing $51,812 million versus $10,943 million; repayments on debt and other financing $(39,396) million versus $(5,990) million; proceeds from issuance of capital stock, net, $8,319 million versus $5,047 million; and repurchase of common and redeemable convertible preferred $(4,426) million versus $(520) million.

The IPO line in MD&A is specific: 638,888,888 Class A shares at $135.00, net proceeds $85,675 million after $575 million of costs.

Do not collapse the coupon

Note 9 is where the notes live. SpaceX Notes: aggregate principal $25,000 million. They bear annual interest of 5.350%–6.650%. The weighted-average coupon is 5.855%. The effective interest rate is 6.030% as of June 30, 2026. Coupon range, weighted-average coupon, and effective rate are three filed numbers. Collapsing them into "6.03% paper" is not what the 10-Q says.

Carrying amount $24,852 million; fair value $24,697 million. Five tranches mature on July 15 of 2031, 2033, 2036, 2046 and 2056. MD&A: weighted-average maturity 11.7 years, and no material debt principal payments due until July 15, 2031. Total indebtedness is $38,433 million in aggregate principal.

The preferred line is a dash

On the June 30, 2026 balance sheet, redeemable convertible preferred shows no shares issued and no shares outstanding. At December 31, 2025 it showed 2,351 shares issued, 2,046 outstanding, and $38,752 million. Note 12: no shares of Combined Redeemable Convertible Preferred Stock issued and outstanding as of June 30, 2026. All SpaceX Redeemable Convertible Preferred outstanding prior to the IPO converted into Class A or Class B.

That is the wipe. The private-company stack became common.

Capex is data centers and space launch facilities

Purchases of property and equipment: $(28,476) million versus $(6,965) million. MD&A attributes the $21,511 million increase to data centers and related infrastructure, and space launch facilities. Purchases of marketable securities $(13,630) million versus $(601) million — MD&A: an increase of $13,029 million from IPO and SpaceX Notes proceeds. Maturities $7,248 million versus $543 million (increase $6,705 million). Payments for intangible assets $(856) million — MD&A: payments to EchoStar for Spectrum Licenses.

Supplemental cash-flow disclosure: property and equipment in accrued expenses and accounts payable $5,513 million versus $4,260 million; property and equipment financed by other financings $3,921 million, with no year-ago amount on that line.

Operating cash of $3,466 million is real, and it is not the $100,291 million. The half was financed.

What that capital sits under

Item 1 segment revenue, $ millions. The table is the mix the capital sits under, not a re-argument of whether AI turned.

Starlink is the Connectivity offering (Note 1). This 10-Q does not file a subscriber count on that line, so this page does not invent one.

The xAI combination closed on February 2, 2026 (10-Q). The conversion ratio — 0.1433 SpaceX shares per xAI Low Vote, High Vote, or Common share, on a pre-2026 Stock Split basis — is in the June 12 Form 424B4 (accession 0001628280-26-042639). The 10-Q does not reprint 0.1433.

Holders land with the 13Fs

Friday, August 14 is the Q2 13F deadline — the first quarter-end after the IPO. Aether still has no SPCX holder table. Holdings coverage runs only through March 31, 2026; ticker SPCX is not_found (no CUSIP). This page does not invent a holder list. The names land when the 13Fs do.

Open the cash-flow statement

That is the first step. Not the launch clip. Not a price. The $100,291 million financing line, the $25,000 million of notes, and the dash where preferred used to be.

If you want a line to keep watching, park two: whether financing stays this large, and whether the 13F holders — once they appear — flip. A monitor is one place to park them against the next filing.

SpaceX: accession 0001628280-26-052535 (sec.gov). Form 424B4: accession 0001628280-26-042639. Research, not investment advice.